Bitcoin on-chain signals are showing changes worth关注。

Short-term holder supply ratio (STH Supply Ratio) just broke through the breakeven point and flipped upward. What does this shift mean? When these holders turn profitable on paper, the pressure for panic selling明显下降。

Less selling pressure意味着什么——supply side被锁定得更紧。The tighter the supply, the easier it is for the market to push prices higher. On-chain data changes confirm this转向。

From historical规律来看，这个信号出现的时刻往往对应着市场心理的拐点。当短期参与者从亏损转向盈利，市场的微观结构会发生微妙但关键的改变。Supply tightening, selling pressure easing, buying interest relatively占优——这些因素交织在一起，往往催生后续的价格动能。目前的链上数据恰好反映了这种转变正在展开。